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Retail Sales Fall Unexpectedly in October Amid Budget Hit to Consumer Confidence
Retail sales volume dropped 1.1% in October as consumers delayed spending ahead of the UK Budget and Black Friday, according to the Office for National Statistics.
- Last month the Office for National Statistics reported retail sales by volume fell 1.1%, marking the first monthly decline since May and surprising economists.
- GfK's Friday survey showed consumer confidence fell this month as retailers including Marks & Spencer reported spending held back ahead of this month’s Black Friday and next week’s Budget.
- ONS chief economist Grant Fitzner said supermarkets, clothing stores and online sales saw slower sales, while retail sales rose 1.1% in the three months to October.
- High-Street retailers including Marks & Spencer reported spending pulled back amid Budget uncertainty, and Rob Wood, chief UK economist at Pantheon Macroeconomics, expects retail volumes growth to remain subdued in November after Westminster last week.
- ONS chief economist Grant Fitzner said spending should bounce back, with a possible Bank of England interest rate cut spurring festive shoppers, and the ONS expects consumers to return to the high street once the Budget passes.
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Total News Sources24
Leaning Left2Leaning Right0Center8Last UpdatedBias Distribution80% Center
Bias Distribution
- 80% of the sources are Center
80% Center
L 20%
C 80%
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